You just won $4 comma 000 comma 000 in the state lottery and want to know if it is enough money for you to retire now.
a. How much can you withdraw every month for the next 40 years if you put your money into a payout annuity earning 4.75% compounded monthly?
b. How much could you withdraw every month without reducing your principal balance?
a. You could withdraw $ nothing every month. (Do not round until the final answer. Then round to the nearest cent asneeded.)
